Bitcoin about to breakout... but which way? 5k or 7k? [BTFD]
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Sideways trading over the weekend with a few squeezes, claiming false breakouts but with higher lows and lower highs we are witnessing the forming of a breakout triangle
This will break out this week starting 8th October
BUT which way????
going back to this chart and looking at repeating patterns:![Bitcoins Fibonacci love affair with the 0.618 level... [BTFD]](https://s3.tradingview.com/x/Xp0LBaEX_mid.png)
- its pretty clear to me we have still not completed a full rally from the bulls to push the price into the desired fib level, so.... for this week
are we still awaiting a rally to peak over the 0.618 fib level, which is roughly around the 7400 area?
....or are we to see a false breakout followed by a short move back down to under 6400 and start testing 6100 targetting high 5k area?
personally due to the volume im seeing it could be a stalemate either way right now at the start of Sundays market open, so a good move up or down is needed to create some early fireworks as we move into October and of course this is the time where we see seasonality of Bitcoin and cryptocoins reaching/breaking ATH's as we move towards December 2018 and 2019
**** looking for this week a break above 6825 for the bulls to go further or a clear close under 6320 to push thru the price action from the previous weeks ****
EVERYONE, you could say the smart money is expecting the bullrun season to kick off due to seasonality but objectively we have been repeating these false bullruns since January due to the enormous and quite crazy price valuation on 20th Dec 2017
So we have some clear lines of support/resistance both from trendlines and fibonacci, bears seem to have less room to move, whereas the bull targets seem further away but certainly have more room to move into
safe targets are shown in the purple lines on the charts, all pretty valid and possible for the next coming week or so...
wishing you all good trades and thank you for the support, donations and commitment towards BTFD and our missions to bring you unbiased and sensible analysis on the markets
we have started looking at other markets too and if you missed this trade on WTI Oil, i will bet ur kicking yourself:![Crude Oil Chart for week starting 20th August 2018 [BTFD]](https://s3.tradingview.com/p/p1EC2Drx_mid.png)
have a great and profitable October and check the telegram channel for updates as we progress into the week ahead
This will break out this week starting 8th October
BUT which way????
going back to this chart and looking at repeating patterns:
are we still awaiting a rally to peak over the 0.618 fib level, which is roughly around the 7400 area?
....or are we to see a false breakout followed by a short move back down to under 6400 and start testing 6100 targetting high 5k area?
personally due to the volume im seeing it could be a stalemate either way right now at the start of Sundays market open, so a good move up or down is needed to create some early fireworks as we move into October and of course this is the time where we see seasonality of Bitcoin and cryptocoins reaching/breaking ATH's as we move towards December 2018 and 2019
**** looking for this week a break above 6825 for the bulls to go further or a clear close under 6320 to push thru the price action from the previous weeks ****
EVERYONE, you could say the smart money is expecting the bullrun season to kick off due to seasonality but objectively we have been repeating these false bullruns since January due to the enormous and quite crazy price valuation on 20th Dec 2017
So we have some clear lines of support/resistance both from trendlines and fibonacci, bears seem to have less room to move, whereas the bull targets seem further away but certainly have more room to move into
safe targets are shown in the purple lines on the charts, all pretty valid and possible for the next coming week or so...
wishing you all good trades and thank you for the support, donations and commitment towards BTFD and our missions to bring you unbiased and sensible analysis on the markets
we have started looking at other markets too and if you missed this trade on WTI Oil, i will bet ur kicking yourself:
have a great and profitable October and check the telegram channel for updates as we progress into the week ahead
Nota
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some support keeping bulls afloat
does not look good but at least will make a nice fight and bring some much needed volume in
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